Waypoint secures further $75m equity from funds

November 5, 2014

Helicopter lessor Waypoint Leasing has secured a $75 million increase in the equity commitment from its sponsors: funds affiliated with Cartesian Capital Group, MSD Capital and Soros Fund Management.
The increase raises its total equity commitment to $450 million.
Waypoint has also reached an agreement to expand its fleet by 31 units to 80 aircraft. The lessor acquired a portfolio of 31 in-demand, new-technology aircraft from global private equity and infrastructure investment firm First Reserve.
The portfolio includes 18 AgustaWestland AW139s, 11 Sikorsky S-92s and two Sikorsky S76C++ aircraft models and the deal is set to close in the fourth quarter, says Waypoint.
All aircraft are subject to long-term lease agreements with the CHC Group, in support of global oil and gas as well as search and rescue operations.
“As part of the transaction, we will also take on very attractive debt financing to support the funding of the acquisition, enabling Waypoint to continue to diversify our financing sources,” says Waypoint finance chief Alan Jenkins.
Waypoint has firm and option orders with aircraft manufacturers for additional helicopters valued at more than $1 billion at list prices, to be delivered over the next five years.